The average monthly rentals for two-bedroom flats of 1,000 square feet area have risen by up to 23% since 2019 across seven major cities, according to Anarock.
The key residential rental hotspots saw upto 23% growth in average monthly rentals between 2019 and 2022, the property consultant said in a report. The consultant has taken average rent for a standard 2BHK (2 bedroom) unit of 1,000 square feet area.
Noida’s Sector-150 saw the highest 23% increase in average rentals to about Rs 19,000 per month from Rs 15,500 in 2019.
“Rental demand increased substantially in 2022,” said Anuj Puri, Chairman, Anarock Group.
“With more companies calling their employees back to the office, including in the hybrid mode, rental demand is rising across the 7 top cities, after plummeting during the two worst Covid-19 waves,” he added.
The rental demand would continue to head northward in 2023, according to Puri.
“Employees returning from their hometowns or other parts of the city tend to rent homes for at least the short-term, often to consider purchases at a later stage,” he observed.
As per the Anarock data, in Hyderabad, the average rent in Hitech City rose 7% to Rs 24,600 in 2022 from Rs 23,000 per month during 2019.
Gachibowli saw a 6% rise to Rs 23,400 from Rs 22,000 a month.
In Delhi-NCR, the average rent in Sohna Road, Gurugram rose 14% to Rs 28,500 from Rs 25,000 per month. Dwarka in the national capital witnessed a 13% increase in rent to Rs 22,000 from Rs 19,500.
In the Mumbai Metropolitan Region (MMR), the average rent in Chembur rose 13% to Rs 51,000 from Rs 45,000, while that in Mulund grew 6% to Rs 41,000 from Rs 38,600 per month.
In Kolkata, the monthly rentals at EM Bypass grew 16% to Rs 22,000 from Rs 19,000, while those at Rajarhat increased 11% to Rs 16,500 from Rs 14,800.
As per the data, the average rental values in Bengaluru’s Sarjapur Road increased 14% to Rs 24,000 from Rs 21,000 per month.
Whitefield in Bengaluru saw an 18% increase in rentals to Rs 22,500 from Rs 19,000.
In the Pune residential market, Hinjewadi saw a 20% increase in the average rent to Rs 21,000 from Rs 17,500, and Wagholi witnessed a 21% increase to Rs 17,000 from Rs 14,000.
The average rent in Chennai’s Perambur rose 13% to Rs 18,000 in 2022 from Rs 16,000 per month in 2019.
At Pallavaram in Chennai, the rent grew 17% to Rs 17,000 from Rs 14,500 per month in 2019.